St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-05
The Rottom Facts.

Dear Sir: AT meeting of the share
holders last evening the report of the
investigating committee Ga copy of
which is herewith enclosed), was ac-
cepted and unanimously adopted, with
the recommendation that all sharehOld-
ers sign the same as further indOrSe-
ment OF the committees action and the
labors of the association. The commit
tee desire to express to the board of
trustees their appreciation of the
courteSieS received and wish the asso-
citation that success which the efficient
management deserves. Yours respect
fully, THE COMMITTEES.
q. l.. LEVI, Secretary.
To the Shareholders of the Educational
Endowment Association of Mime
apOlis:
At a meeting of about seventy-five
shareholders on Monday, May %, the
undersigned were appointed commit
tee to meet the board of trustees of our
association to investigate certain charges
made. against the theory on which the
association is founded, and the manner
the officers have administered their
trust.
Your committee respectfully submit
the following
REPORT:
In order to intelligently perform the
labor desired, the committee have not
confined their researches to the trustees
alone, but have accorded full hearing to
such other parties whose knowledge
they deemed important, and do not hes
ltate to give to the board of trustees our
hearty endorsement for their fidelity to
the interests of the shareholders and
the faithful and efficient manner they
have discharged every duty devolying
Thorn truc
emily used their best endeavors to be-
come fully informed of the necessities
OF the association and from time to time
make such changes as they found neceS-
Sary to insure the permanency and full
I'LL all obligations of the association: the
last change in rates, taking effect June
l, we think will, from all information
we can obtain on the subject, enable
them to fulfill all obligations.
The salary of Secretary Merritt, which
was asserted to be excessive, we find
not more than commensurate with his
duties: the salaries of the other Off
GERS being merely nominal; the largest
Item OF expense appears to be commits
sions paid for procuring new business.
advertising and stationery.
The moneys of the endowment fund
are placed in the hands of the Minnesota
Loan and Trust company, and loaned by
IL In It's name as trustee, and cannot be
handled or securities hypOthecated by
any of the officers or trustees.
From the light your committee have
gained on the subject we will continue
to pay our quarterly dues. ~
Every facility has been offered your
committee by the board of trustees to
examine all books, papers and securi-
ties, land we found them in perfect order
and condition.
Your committee recommended to the
board of trustees that their number be
increased to nine members instead of
the present number-SiX-and we have
the assurance of the executive commit
tee that it will be favOrably considered.
CHARLES D.WHITALL,
E. G. AVERY,
JOSEPH KANTROWITZ.
M. LARA,
G. l.. LEVI, Committee.
Minneapolis, Mimi, June 1, 1887.
We, the undersigned members of the
association, indOrSe the above report:
HORACE G. HAYNES,
ID. Z. LoEwENSTINE,
VIM. G.. LEVER,
w. G. MARSH.
P. o. JOHNSTON,
E. J. A. DRENNEN,
c. W. WELLS,
THos. MARSHALL,
F. A. PARKER,
w. r. MARTIN,
JAS. MERsEN,
SAM WALLACE,
JAS. E. STANGELAND, =.
r. ERTL,
+. BACHNER.
J. ID. MULDooN.
w. G. GULDEN,
THOMAS PAGAN,
JOHN d. MARTIN,
CARLISLE CAMERON,
EDWIN B. SMITH,
JOSEPH E. BADGER,
j. w. BAIRD,
G. F. GILMAN,
GEO. S. CHURCHILL,
p. B. CRANDALL,
G. B. MABEN
AS an evidence of our constantly in
creasing strength we call attention
to the annual report of March /, 1887,
showing s45,626.T in the reserve fund,
and S13,674.27 matured endOwmentS
paid. AT this date we have $50, 491 so
in the reserve, and paid s19,2l9.27 en-
dOwmentS. j. MERRITT. Secretary.